Washington–(ENEWSPF)–March 17, 2010. The U.S. Department of Treasury and the Department of Education today announced $11 billion in allocation authority to issue qualified school construction bonds under the American Recovery and Reinvestment Act of 2009 (Recovery Act). Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.
“Recovery Act school construction bonds provide low-cost borrowing to build and upgrade schools, which is a win-win for communities across the country,” said Deputy Treasury Secretary Neal Wolin. “The projects funded with these bonds create jobs today building modern schools to prepare our kids for the global economy of tomorrow.”
“Preparing students to compete in the global economy requires improvements in all aspects of our nation’s education system, including the environments in which they learn,” added Education Deputy Secretary Tony Miller. “The Recovery Act is keeping teachers in the classroom and, through the construction bond program, making lasting investments in the quality of our schools. Our kids deserve no less.”
Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive Federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.
The Recovery Act provided for the issuance of $11 billion of qualified school construction bonds by states and large local educational agencies in 2009 and $11 billion in 2010. The 2010 allocations include $6.6 billion of bonding authority to the 50 states and the remaining $4.4 billion of volume cap to 103 large local educational agencies under a statutory formula tied to levels of federal education grant funding.
The full list of allocations by state can be found here.
2010 Allocations to States of Volume Cap for
Qualified School Construction Bonds
State/Territory | Total Dollar Allocation by State/Territory |
---|---|
Alabama | 140,453,000 |
Alaska | 28,163,000 |
Arizona | 171,115,000 |
Arkansas | 124,197,000 |
California | 720,058,000 |
Colorado | 95,686,000 |
Connecticut | 98,431,000 |
Delaware | 29,797,000 |
District of Columbia | 0 |
Florida | 81,038,000 |
Georgia | 234,431,000 |
Hawaii | 0 |
Idaho | 39,379,000 |
Illinois | 251,167,000 |
Indiana | 182,583,000 |
Iowa | 66,422,000 |
Kansas | 82,984,000 |
Kentucky | 138,870,000 |
Louisiana | 140,525,000 |
Maine | 41,368,000 |
Maryland | 45,190,000 |
Massachusetts | 157,361,000 |
Michigan | 297,611,000 |
Minnesota | 80,649,000 |
Mississippi | 134,610,000 |
Missouri | 146,348,000 |
Montana | 31,838,000 |
Nebraska | 35,294,000 |
Nevada | 5,157,000 |
New Hampshire | 29,797,000 |
New Jersey | 215,904,000 |
New Mexico | 62,037,000 |
New York | 178,782,000 |
North Carolina | 188,591,000 |
North Dakota | 25,974,000 |
Ohio | 293,763,000 |
Oklahoma | 91,217,000 |
Oregon | 109,096,000 |
Pennsylvania | 286,677,000 |
Rhode Island | 41,296,000 |
South Carolina | 129,456,000 |
South Dakota | 29,797,000 |
Tennessee | 119,131,000 |
Texas | 547,674,000 |
Utah | 55,599,000 |
Vermont | 24,236,000 |
Virginia | 172,249,000 |
Washington | 162,837,000 |
West Virginia | 72,262,000 |
Wisconsin | 100,459,000 |
Wyoming | 24,589,000 |
American Samoa | 10,614,000 |
Guam | 10,838,000 |
Northern Marianas | 6,824,000 |
Puerto Rico | 0 |
Virgin Islands | 9,576,000 |
Total | 6,600,000,000 |
2010 Allocations to Large Local Educational Agencies
of Volume Cap for Qualified School Construction Bonds
State | Large Local Educational Agency | Dollar Allocation |
---|---|---|
Alabama | Birmingham City School District | 14,274,000 |
Alabama | Mobile County School District | 25,419,000 |
Arizona | Mesa Unified District | 19,466,000 |
Arizona | Phoenix Union High School District | 12,514,000 |
Arizona | Tucson Unified District | 20,018,000 |
California | Bakersfield City Elementary | 15,102,000 |
California | Compton Unified | 16,893,000 |
California | Fresno Unified | 39,773,000 |
California | Long Beach Unified | 34,501,000 |
California | Los Angeles Unified | 290,180,000 |
California | Oakland Unified | 23,960,000 |
California | Sacramento City Unified | 19,342,000 |
California | San Bernardino City Unified | 25,294,000 |
California | San Diego City Unified | 36,093,000 |
California | San Francisco Unified | 12,957,000 |
California | Santa Ana Unified | 17,539,000 |
California | Stockton City Unified | 14,934,000 |
Colorado | Denver County 1 | 29,262,000 |
District of Columbia | District of Columbia Public Schools | 32,947,000 |
Florida | Brevard County School District | 12,271,000 |
Florida | Broward County School District | 51,646,000 |
Florida | Dade County School District | 95,438,000 |
Florida | Duval County School District | 33,074,000 |
Florida | Hillsborough County School District | 37,935,000 |
Florida | Lee County School District | 14,308,000 |
Florida | Marion County School District | 11,253,000 |
Florida | Orange County School District | 36,229,000 |
Florida | Palm Beach County School District | 34,023,000 |
Florida | Pasco County School District | 13,627,000 |
Florida | Pinellas County School District | 23,529,000 |
Florida | Polk County School District | 21,223,000 |
Florida | Volusia County School District | 17,796,000 |
Georgia | Atlanta City School District | 34,526,000 |
Georgia | Clayton County School District | 15,166,000 |
Georgia | De Kalb County School District | 29,940,000 |
Georgia | Fulton County School District | 17,917,000 |
Georgia | Gwinnett County School District | 19,640,000 |
Georgia | Richmond County School District | 15,979,000 |
Hawaii | Hawaii Department of Education | 29,797,000 |
Illinois | City of Chicago School District 299 | 257,127,000 |
Indiana | Indianapolis Public Schools | 31,534,000 |
Kentucky | Jefferson County School District | 30,352,000 |
Louisiana | Caddo Parish School Board | 20,707,000 |
Louisiana | East Baton Rouge Parish School Board | 21,675,000 |
Louisiana | Jefferson Parish School Board | 21,891,000 |
Louisiana | Orleans Parish School Board | 40,055,000 |
Maryland | Baltimore City Public School System | 53,530,000 |
Maryland | Baltimore County Public Schools | 19,952,000 |
Maryland | Prince George’s County Public Schools | 25,803,000 |
Massachusetts | Boston | 41,474,000 |
Michigan | Detroit City School District | 127,644,000 |
Minnesota | Minneapolis | 19,787,000 |
Minnesota | St. Paul | 18,253,000 |
Mississippi | Jackson Public School District | 15,429,000 |
Missouri | Kansas City School District | 16,274,000 |
Missouri | St Louis City | 28,481,000 |
Nebraska | Omaha Public Schools | 18,922,000 |
Nevada | Clark County School District | 58,833,000 |
New Jersey | Newark City | 25,753,000 |
New Mexico | Albuquerque Public Schools | 25,025,000 |
New York | Buffalo City School District | 33,025,000 |
New York | New York City | 664,010,000 |
New York | Rochester City School District | 28,376,000 |
North Carolina | Charlotte-Mecklenburg Schools | 25,051,000 |
North Carolina | Cumberland County Schools | 14,805,000 |
North Carolina | Forsyth County Schools | 14,162,000 |
North Carolina | Guilford County Schools | 16,843,000 |
North Carolina | Wake County Schools | 17,606,000 |
Ohio | Cincinnati City School District | 25,922,000 |
Ohio | Cleveland Municipal School District | 51,058,000 |
Ohio | Columbus City School District | 39,266,000 |
Ohio | Toledo City School District | 20,962,000 |
Oklahoma | Oklahoma City | 18,167,000 |
Oklahoma | Tulsa | 15,625,000 |
Pennsylvania | Philadelphia City School District | 145,352,000 |
Pennsylvania | Pittsburgh School District | 19,520,000 |
Puerto Rico | Puerto Rico Department of Education | 380,394,000 |
South Carolina | Charleston County School District | 15,076,000 |
South Carolina | Greenville County School District | 14,302,000 |
Tennessee | Knox County School District | 11,979,000 |
Tennessee | Memphis City School District | 49,710,000 |
Tennessee | Nashville-Davidson County School District | 24,016,000 |
Texas | Aldine Independent School District | 19,022,000 |
Texas | Alief Independent School District | 16,483,000 |
Texas | Arlington Independent School District | 13,656,000 |
Texas | Austin Independent School District | 24,078,000 |
Texas | Brownsville Independent School District | 25,901,000 |
Texas | Dallas Independent School District | 69,599,000 |
Texas | Edinburg Consolidated Independent School District | 13,967,000 |
Texas | El Paso Independent School District | 29,140,000 |
Texas | Fort Worth Independent School District | 28,764,000 |
Texas | Garland Independent School District | 12,488,000 |
Texas | Houston Independent School District | 95,370,000 |
Texas | La Joya Independent School District | 13,544,000 |
Texas | Laredo Independent School District | 14,165,000 |
Texas | Northside Independent School District | 14,641,000 |
Texas | Pasadena Independent School District | 14,609,000 |
Texas | Pharr-San Juan-Alamo Independent School District | 13,453,000 |
Texas | San Antonio Independent School District | 30,730,000 |
Texas | Ysleta Independent School District | 17,869,000 |
Virginia | Norfolk City Public Schools | 15,092,000 |
Virginia | Richmond City Public Schools | 14,983,000 |
Wisconsin | Milwaukee | 72,933,000 |
Total | 4,400,000,000 |
Source: ED.gov